There's talks of a tram from the valley into LA city too which may even out the market here just a bit, but it may not have a huge impact.I took a look at the article that you posted on owning a primary residence, it makes some good points but there are a few points that I would make adjustments to.

I would suggest to start at the Bigger Pockets home page at www.BiggerPockets.com and read some of the articles...

You should make it into an article so it'll be easier to find later when we all need to refer back to it.

If your return on investment would be better elsewhere, it is time to sell.NOTE: Yes, this article can be found for free at various places around the Internet, but, no, I'm not guilty of plagiarism for posting it here.

You go to the secretary of state website find the "articles of organization" fill them out and mail them in with $125.

Then before I went back to it I came across an article here on BP about using a holding and operating LLC.

I need some work in that area, and your suggestions are appreciated in advance.Getting to Yes is a good place to start.Not to toot my own horn to much (I have plenty of work to do in this area), but I've written two articles on the subject you may find helpful:http://www.biggerpockets.com/renewsblog/2014/11/26...http://www.biggerpockets.com/renewsblog/2015/01/21/negotiating-101-make-first-offer/

Your license.Ensure that your prospect knows that they are in the best possible position by selling it directly to you as opposed to a "unlicensed wholesaler" (Sorry guys, in this case, it's his mortgage, or someone else's).Obviously, as a licensee, you need to do certain things... i.e. use a State Contract, Disclose the Value (Article 1 NAR Code of Ethics), and disclose your position as the principal in the transaction (Article 4 NAR Code of Ethics).Once you have determined what their motivation is... and more importantly, what happens if it doesn't sell... then you will have a better grip on what the disposition should be. 

You should get something awesome for that price @Wesley Adams.Portland has different cultures.

Hi Bob,You may find this article helpful.